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Retirement dollar goes far in Lincoln County

Dianne L Stallings, Ruidoso News
Published 10:51 a.m. MT May 4, 2017

SmartAsset list shows top 10 counties in New Mexico where Social Security benefits can be stretched to cover expenses

Lincoln County ranks high as a place to retired financially, but also offers a rural lifestyle, mountain streams, access to multiple year-round outdoor sports and the benefits of good restaurants and interesting shopping tied to its attraction as a stop for tourists and a respite for second-home owners.(Photo: Courtesy/Matthew Midgett)

Story Highlights

Lincoln County is third on a list of 10 places in New Mexico where social security checks go further for retirees, based on data from SmartAsset.

“Planning where you’ll spend your retirement can be difficult, especially for folks who will be relying heavily on Social Security as a main source of income,” Steve Sabato with SmartAsset wrote. “However, there are places where Social Security goes further than others and in a new study, SmartAsset has delved in the numbers to find out where.

“In its third annual study, SmartAsset analyzed Social Security income, cost of living data and taxes across all counties to determine where people are getting the most mileage out of Social Security. Lincoln County ranked among the top spots in New Mexico.”

The annual cost of living in the county was listed as $18,726 and the average annual Social Security check as $18.261. Social Security benefits are taxable in all New Mexico counties.

The index placed Lincoln County at 65.92. That compared to the highest county, Catron, at 69.52 with the average cost of living of $17,854 and Social Security benefits of $18,019; and Sierra County, second on the list at 66.82, with a $17,152 cost of living and $16,773 social security benefits.

Other counties on the list included Los Alamos, Hildalgo, Grant. DeBaca, Colfax, Cibola, and Quay. Of that group Los Alamos, ranked fourth, had the highest cost of living at $19,888, but also the highest in Social Security benefits at $19,348 for an index of 65.20.

Explaining the method used in putting together the index, the SmartAsset website stated that first its analysts look at the average Social Security income for each county, then they calculate the taxes a typical retiree would pay on that income based on the state-specific Social Security tax rules.

They subtract the taxes from the average Social Security income to determine the net income from Social Security, then they calculate how far that net income would go in every county to cover the basic necessities.

“We subtracted the county level cost of typical living expenses from the county’s net Social Security income,” the website stated. The last step is to index the results to 100, with 100 showing where Social Security would cover the most needs. Higher scores reflect a better environment for living primarily or exclusively off Social Security benefits.